Paya Acquires Paragon Payments Solutions For Undisclosed Sum

  • Paya Holdings Inc PAYA announced the acquisition of integrated payments solutions provider Paragon Payments Solutions for an undisclosed sum.
  • Paragon focused on the non-profit and healthcare vertical needs.
  • Paragon's omnichannel solutions offering, partner-centric distribution model, payment agnostic platform, and card-not-present volume mix were highly complementary to Paya's business.
  • Paragon processes $1.5 billion in yearly payment volume and has been a Paya distribution partner since 2011.
  • Paragon CEO Roy Bricker will assist with joint integration efforts. Paragon President Brock Robertson will join Paya to help lead ISV sales efforts.
  • The acquisition marked Paya's fourth acquisition and followed its blueprint of executing strategic M&A of integrated payment providers in attractive end markets, serving as a powerful complement to its organic growth strategy, stated Paya CEO Jeff Hack.
  • Paya plans to divulge the acquisition detail on its first-quarter 2021 earnings conference call in May.
  • Paya had recently raised $122.5 million from a secondary stock offering. It held $23.6 million in cash and equivalents as of Dec. 31, 2020.
  • Price action: PAYA shares traded higher by 3.08% at $11.03 on the last check Monday.
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